Anna Ivey Consulting

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Law Firm Brain Drain (Part III)

Guess law firms are hoping that throwing more money at associates will encourage them to stay (until they're up for partner, of course). This just in: Simpson Thatcher in NYC has broken from the pack and raised salaries...announced this afternoon.  See email below.

>  The Firm has been very busy and we expect the high level of
> activity to
>  continue. We are proud of the results we are helping our
> clients achieve.
>
>
>  We believe we have the finest legal team of any global law firm. In
>  appreciation of your efforts, we are pleased to increase
> associate base
>  salaries as follows, effective January 1, 2007:
>
>
>  Class of 2006 - $160,000
>
>
>  Class of 2005 - $170,000
>
>
>  Class of 2004 - $185,000
>
>
>  Class of 2003 - $210,000
>
>
>  Class of 2002 - $230,000
>
>
>  Class of 2001 - $250,000
>
>
>  Class of 2000 - $265,000
>
>
>  Class of 1999 - $280,000
>
>
>  Class of 1998 - $290,000
>
>
>  We are also raising the base salary for the members of the
> Class of 2007,
>  who will arrive in the fall, to $160,000.
>
>
>  Counsel and classes senior to 1998 will be addressed on an individual
>  basis.
>
>
>  Again, on behalf of the Firm, thank you for your commitment
> and hard work.
>
>
>  January 22, 2007
>
>
>  Pete Ruegger